Margadarsi Must Bear Those Costs: High Court

The Telangana High Court conducted a hearing on Thursday in the Margadarsi Financiers case as per the directions of the Supreme Court. The High Court ruled that Margadarsi must bear the expenses incurred for placing notices in newspapers. The court also specified that Margadarsi should deposit the amount within a week after receiving the cost details of the advertisements.

The bench instructed, "Publish notices in newspapers to obtain details of the depositors. The Registry will inform Margadarsi of the total cost. The amount must be deposited within a week from then. Immediately proceed to publish notices widely in the newspapers," the court ordered. The next hearing has been scheduled for the 30th of this month.

Previously, the Telangana High Court had directed the Registry to take steps to determine whether Margadarsi Financiers' management had refunded the deposits to all depositors or defaulted on any payments. It was emphasized that notices should be issued for extensive publication in Telugu, Hindi, and English newspapers.

The court also suggested that former MP Undavalli Arun Kumar file an affidavit seeking the details of the depositors. Based on the affidavit, the court would issue further directions to Margadarsi. The bench comprising Justice Sujoy Paul and Justice Namavarapu Rajeshwar Rao of the Telangana High Court ordered the governments of Andhra Pradesh and Telangana to file their counter-affidavits within two weeks.